Over 72% of U.S. consumers now prefer to manage their finances online or through a mobile app. This dominance extends to younger generations, with a whopping 85% of Millennials relying on mobile banking. The numbers are staggering, reflecting a fundamental shift in how people access and manage their financial well-being.
But mobile banking apps aren’t just about convenience. They’re constantly evolving, offering a robust suite of features of mobile banking that empower users. From the ability to check account balances in real-time and seamlessly transfer funds to depositing checks with a phone camera and splitting bills with friends electronically, these apps are becoming one-stop financial hubs.
Mobile banking market
The mobile banking market has experienced significant growth in recent years, fueled by the rising popularity of smartphones and the need for convenient financial services.
The global mobile banking market is projected to reach USD 2.2 billion by the end of 2024 and is further expected to reach a market value of USD 11.2 billion by 2033, with a compound annual growth rate (CAGR) of 20.0%. This growth is largely driven by the increasing availability and sophistication of the features of mobile banking, which cater to the demands of modern consumers.
Source: DMR
This surge is fueled by the rising number of digital banking users, which, according to Statista, the digital banks market worldwide is projected to grow by 6.86% (2024-2029) resulting in a market volume of US$2.09tn in 2029.
Financial institutions have adapted to the digital age and integrated essential features to meet modern customers’ needs, revolutionizing how people manage their finances.
As technology continues to evolve, the mobile banking market is poised to play a crucial role in the future of financial services, offering innovative solutions that cater to the growing needs of tech-savvy consumers.
Key mobile banking app features
Mobile banking apps have become an essential tool for managing finances on the go. They offer a range of features that cater to different needs, from everyday transactions to in-depth financial analysis. Mobile banking apps provide a range of banking services that emphasize accessibility, user-friendliness, and convenience for users. When selecting an online banking app, users should consider factors such as security, user interface, and the range of features offered to ensure it meets their financial needs.
Here’s a closer look at key features of mobile banking:
Essential features:
Account management: This is the bread and butter of any mobile banking app. You can easily manage your bank account information, view your account balances in real-time, access transaction history to track spending, and retrieve bank statements. You can also link your savings account to manage financial transactions and set savings goals effectively. No more flipping through statements or calling the bank for basic information.
Payments and transfers:Need to pay a bill, send money to a friend, or transfer funds between your accounts? Mobile banking makes it a breeze. Simply select the recipient, enter the amount, and hit submit – all within a few taps. Gone are the days of writing checks or waiting in line at the bank for transfers.
- Bill pay: Streamline your bill payments by scheduling and paying them electronically directly through the app. This ensures you never miss a due date and can avoid late fees. You can even set up automatic payments for recurring bills, so you don’t have to worry about them at all.
- Mobile deposit: Say goodbye to trips to the ATM! With mobile deposit, you can deposit checks remotely using your phone’s camera. Simply take a clear picture of the front and back of the check, and the funds will be deposited into your account within a few business days.
- Security: Security is paramount when it comes to your finances. Mobile banking apps employ robust security measures like multi-factor authentication (MFA) that require an additional verification step beyond your password.
Advanced features:
- Bill-splitting functionality: Settling up with friends for dinner or shared rent can be a hassle. Open banking features allow you to easily split bills with others directly within the app. Simply enter the total amount, select the participants, and specify their share. The app takes care of the rest, making group payments a breeze.
- Cardless ATM withdrawals: Forgot your debit card? No problem! With cardless ATM withdrawals, you can access cash at ATMs using a unique code generated by the app on your phone. This eliminates the stress of a lost or forgotten card.
- Mobile check deposit: Enjoy the convenience and time-saving nature of mobile check deposit. This feature allows you to deposit checks using your phone’s camera, ensuring a secure and efficient process. Advanced image processing and security checks make mobile check deposits both easy to use and highly secure.
- Personal financial management (PFM): Gain valuable insights into your spending habits with PFM tools. These tools categorize your transactions, help you track spending against your budget, and even offer personalized recommendations for saving money. You can set goals and monitor your progress towards achieving them, all within the mobile app. These tools are part of the broader trend in online banking to provide users with comprehensive financial management solutions.
Emerging features:
- AI-powered chatbots: Get instant customer service and answers to basic questions through AI-powered chatbots. These chatbots can handle inquiries about account balances, recent transactions, bill payments, and more. In the future, these chatbots may even be able to provide personalized financial advice based on your spending habits and financial goals, further enhancing the online banking experience.
- Mobile device management: Use mobile devices for managing bank account information, including checking balances, viewing transaction histories, and transferring funds. Security measures like encryption and biometric authentication are crucial to protect user data and maintain trust.
- Crypto exchange and payment: The world of cryptocurrency is rapidly evolving, and some forward-thinking banks are integrating crypto exchange and payment functionality directly within their mobile apps. This allows users to buy, sell, and manage their cryptocurrency holdings alongside their traditional bank accounts, offering a convenient all-in-one financial management platform.
By understanding these key features, you can choose a mobile banking app that best suits your needs and helps you manage your finances more effectively.
Design considerations for features of mobile banking
When designing a mobile banking app, it’s essential to consider the user experience and interface. A well-designed app should be intuitive, easy to navigate, and provide a seamless user experience. The design should also prioritize functionality over visual appeal, ensuring that users can perform their desired financial tasks without confusion or frustration.
User experience and interface
A good user experience is critical in mobile banking apps, as it directly impacts user satisfaction and engagement. The interface should be clean, simple, and easy to navigate, with clear and concise language. The app should also be optimized for different screen sizes and devices, ensuring that users can access their accounts and conduct transactions effortlessly. By prioritizing user experience and interface, mobile banking apps can provide a convenient and secure way for users to manage their finances.
How to build a mobile banking app?
Building a mobile banking app involves choosing between developing software from scratch or utilizing a ready-made solution. Developing from scratch offers complete control over the design and functionality, allowing for a highly customized app tailored to specific business needs. Mobile banking app development is crucial in creating efficient, reliable, and secure apps.
This process involves detailed steps including market research, compliance with regulatory standards, UI/UX design, backend development, integration of essential features like account management and security, and thorough testing. However, this approach requires significant time, technical expertise, and financial investment. Mobile banking application development plays a vital role in integrating essential technologies and trends to provide a seamless, secure, and engaging banking experience for users.
Alternatively, using ready-made solutions like the SDK.finance Platform can significantly speed up the development process. SDK.finance software a backend solutionb for building various payment products, including mobile banking apps, offering pre-built modules for essential features such as user authentication, transaction management, and security protocols.
| Criteria | Building from scratch | Using ready-made solutions |
| Development time | Longer; involves planning, design, development, and testing | Shorter; utilizes pre-built modules and frameworks |
| Cost | Higher; includes hiring developers, designers, and ongoing maintenance | Lower; initial cost for the solution, reduced development expenses |
| Customization | High; tailor every aspect to specific needs and preferences | Limited; customization within the bounds of the framework |
| Control | Full control over design, features, and updates | Limited control; dependent on the third-party provider’s updates |
| Complexity | High; requires handling all aspects of development and compliance | Lower; much of the complexity is handled by the provider |
| Time to market | Longer; due to the extensive development process | Shorter; faster deployment with pre-built solutions |
Ultimately, the choice between building from scratch and using a ready-made solution depends on your specific needs, resources, and goals. Developing from scratch offers unparalleled control over the design and functionality, however using ready-made solutions like the SDK.finance Platform can dramatically expedite the development process.
SDK.finance FinTech Platform
The SDK.finance FinTech Platform is a comprehensive, ready-made solution for building a wide range of payment products, including neobanks, digital wallets, and payment apps. The platform is designed to accelerate the development process by providing pre-built modules for essential features such as user authentication, transaction management, and security protocols.
Creating efficient, reliable, and secure mobile banking applications that offer convenience, security, and efficiency to users is crucial in today’s competitive market.
By leveraging SDK.finance solution, you can significantly reduce the time to market and development costs while ensuring that the products meet industry standards. The Platform’s robust and flexible architecture allows for customization to suit specific business needs, making it an ideal choice for those looking to quickly launch secure and efficient financial products.
Key features of SDK.finance Platform
- Accounts in any currency
- P2P money transfers
- Customer onboarding
- Reconciliation and settlement
- Contracts and vendors
- Roles and permissions management
With built-in support for open banking, AI-powered chatbots, and cryptocurrency integration, SDK.finance equips developers with the tools needed to create innovative and competitive mobile banking solutions.
